JetSwiss Pilatus PULSE - January 2024

PUBLISHED BY

JETSWISS AVIATION

PILATUS MARKET DATA | JAN 2024

PRE-OWNED PILATUS MARKET: TIME TO FRESHEN UP

PICTURED HERE:

THIS MONTH’S BACK PAGE FEATURE:

RECENT REFURB PROJECT

NEW YEAR, GOOD-AS-NEW PILATUS

INTRODUCTION

TIME TO FRESHEN UP

REVIEW OF 2023 AND PREVIEW OF 2024

It is always interesting to look back on the year that was just completed and evaluate it against previous years. We will be the first ones to admit when we were incorrect in our predictions. Early in the year, our data suggested that the number of transactions would be less than in 2022. That prediction held true. We were expecting to see around 100 preowned transactions in 2023. The numbers are still trickling in, but it appears we will have around 120 worldwide preowned transactions. For reference, there were 132 in 2022 and 139 in 2021 and 116 in 2020. This level of activity was certainly welcomed. The list of factors that affect our market is long: volatility of the insurance markets, increase in interest rates, consumer confidence, taxes, elections, pilot shortages, pre buy facilities/scheduling, etc. However, this all had less of an impact on the number of transactions than we predicted. While we won’t say the Pilatus is recession proof, it’s as close as any airplane could be.

The demand for the product continues to surpass expectations and thus creates a stable marketplace and healthy residual value. We can predict this to be true in the future as well—not a big stretch here…

Of the 120 world-wide transactions, North America was the predominant buyer for a pre-owned Pilatus, capturing 103 out of the 120 aircraft deliveries. That’s 86% of the market! 2023 was also the year inventory levels finally recovered (or “returned to” levels) from the COVID run on airplanes. The market availability went from approximately 1% of the fleet for sale to 4%. This has helped create a balance between buyers and sellers. Last year also saw values stabilize. From 2020 to early 2023, preowned prices jumped nearly 35% across the board. Since Q1 of 2023, we’ve seen a 4 to 8% overall drop in value, depending on the model variant and year.

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The pendulum has not completely shifted to a “buyer’s” market yet—at least not with the data we’ve seen. Think “balanced and healthy” on this topic.

As we look forward to what 2024 will bring, there are several things we will be encouraging our sellers to consider. First, gone are the days of posting an airplane to Controller.com and it sells for a premium price with little to no diligence. Second, if you’re considering selling, now is a great time to take care of those minor cosmetic ‘warts’ that no longer bother you but will catch the eye of a buyer (see our back page feature). Lastly, if you’re planning on selling in 2024, it’s a great idea to schedule an annual inspection with your preferred service center now. Schedule this inspection for the month you plan to sell your airplane.

It is a great opportunity for a potential buyer to use your inspection as their pre-buy yet have control of the process. Having this inspection on the docket will play favorably with any potential suitor.

These updates and maintenance tasks will help your aircraft move to the top of buyer’s lists. At JetSwiss, we have the resources to quickly and efficiently manage these topics and utilize them to generate top dollar for your aircraft.

Fly Safe, Scott Glenn, Director of Sales

A.K.A. the “Data Doctor” (He loves when we call him this.)

M A R K E T AT A G L A N C E

MARKET CHANGES IN THE LAST 30 DAYS

BY MODEL YEAR

10 2001 2004 2009 2014

2014 2015 2015 2015

NEW ENTRANTS TO MARKET

58%

2021 2023

11 1996 2004 2007 2008

UNDER CONTRACT

35%

2008 2014 2011 2019 2013 2019* 2013

20 1995 2002 2003 2004

2004 2006 2008 2008

SOLD FROM MARKET 2009 2009 2009 2009

2010 2011 2013 2014

2020 2022 2022 2022*

66%

*PC-24

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CURRENT MARKET PRICING

A I R C R A F T TOTA L T I M E V S . A S K I N G P R I C E

Asking Price By Total Hours $9,000,000 $8,000,000

Similar to the Asking Price vs Model Year chart, this information helps our clients determine “the mileage on the car” for their specific budget.

“Want to own a low time aircraft?” This chart will give you an indication on what you will spend. Note: aircraft under 1,000 hours total time historically yield much higher prices.

$7,000,000

Asking Price

$6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000

0

2500

5000

7500

Under Contract

10000

Total Hours

No Contract

50%

OF JETSWISS PROJECTS ARE

PRIVATE SALE. 3

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12500

15000

17500

20000

/45’S AND NG’S SAW A

REDUCTION IN PRICE FOR THE

THIRD

CONSECUTIVE MONTH.

ASKING PRICE BY MODEL YEAR

Asking Price By Model Year

$9,000,000 $8,000,000 $7,000,000 $6,000,000

Asking Price

This chart reflects the current market for Pilatus PC-12 aircraft that are on the retail market. Want to know how much your Pilatus dollars will buy?

This is a great place to start. As you can see, the aircraft model year plays a key factor in pricing of the aircraft, and thus generates a commensurate trend curve. This data provides a baseline for our aircraft evaluations.

$5,000,000 $4,000,000 $3,000,000 $2,000,000

$1,000,000 1990 Under Contract No Contract

1995

2000

2005

2010

2015

2020

2025

Model Year

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T R A N S ACT I O N A L DATA

ASKING PRICE BY MODEL

AV E R AG E AS K I N G PR I C E SINCE LAST MONTH

$3.191M

1.4%

$3.546M

0%

$4.760M

0%

$6.812M

1%

$12.347M

2%

PC-12/45

PC-12/47

PC-12NG

PC-12NGX

PC-24

Max of Current Ask Price

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Avg of Current Ask Price

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Min of Current Ask Price

LOOKING FOR YOUR NEXT PILATUS?

We are always on the search for great pilatus projects for great people. Whether you’re looking to buy or sell, we’d like to start the conversation!

TALK TO THE EXPERTS. 3.5% of the Pilatus fleet is for sale.

35% of JetSwiss projects sell to owner pilots.

23% of PC-12 pre-owned transactions are JetSwiss projects.

SCAN FOR YOUR COMPLIMENTARY AIRCRAFT EVALUATION. WWW.JETSWISS.COM

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PC -24 CURRENT MARKET PRICING

PC-24

OWNERS UPGRADE FROM THE PC-12NG MORE THAN ANY OTHER AIRCRAFT.

16

249

TOTAL NEW DELIVERED

PC-24 BY THE NUMBERS

AVAILABLE FOR SALE

A S K I N G P R I C E BY TOTA L H O U R S

Asking Price By Total Hours

$15,000,000

Similar to the Asking Price vs Model Year chart, this information helps our clients determine “the mileage on the car” for their specific budget.

“Want to own a low time aircraft?” This chart will give you an indication on what you will spend. Note: aircraft under 1,000 hours total time historically yield much higher prices.

$13,000,000

Asking Price

$11,000,000

$9,000,000

$7,000,000

$5,000,000

$3,000,000

$1,000,000

0

For Sale Under Contract

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PILATUS@JETSWISS.COM

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913-839-2627

500

1000

1500

Total Hours

2000

2500

ASKING PRICE BY MODEL YEAR

Asking Price By Model Year

$15,000,000

This chart reflects the current market for Pilatus PC-24 aircraft that are on the retail market. Want to know how much your Pilatus dollars will buy?

This is a great place to start. As you can see, the aircraft model year plays a key factor in pricing of the aircraft, and thus generates a commensurate trend curve. This data provides a baseline for our aircraft evaluations.

$13,000,000

Asking Price

$11,000,000

$9,000,000

$7,000,000

$5,000,000

$3,000,000

$1,000,000 2018 For ForSale Sale Under UnderContract Contract

2019

2020

2021

2022

2023

2024

Model Year

THE PC -12NGX WAS

SECOND BEST SELLING AIRCRAFT IN THE WORLD IN 2022.

T H E P C -24 WAS

NINTH BEST.

WWW.JETSWISS.COM

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P I L AT U S DATA

FLEET LOCATION

PC-12 AND PC-24 AS OF JANUARY 2024

368

1,551

58

76

73 92

9

BREAKDOWN BY REGION

PC-12/45

PC-12/47

PC-12NG

PC-12NGX

PC-24

NORTH AMERICA

476

160

596

181

138

EUROPE

22

11

164

90

81

AUSTRALIA

20

7

47

10

8

AFRICA

20

10

34

5

7

SOUTH AMERICA

9

4

35

17

8

ASIA

5

1

44

4

4

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TIME ON MARKET

4%

(3 AIRCRAFT)

B R E A K D O W N O F DAY S O N M A R K E T

12%

F O R P I L AT U S P C -1 2

(8 AIRCRAFT)

0-30 Days on Market 31-60 Days on Market

20%

(14 AIRCRAFT)

27%

(19 AIRCRAFT)

61-90 Days on Market 4-6 Months on Market 7-12 Months on Market 1-2 Years on Market

24%

(17 AIRCRAFT)

13%

(9 AIRCRAFT)

PICTU RED: REFU RB ISH ED PC -12 SOLD TO ANOTHER HAPPY CUSTOMER!

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NEW YEAR, GOOD-AS-NEW PILATUS PC-12 COSMETICS Refurbishing a PC-12 is a project aspect that Brokerville often overlooks. After all, it only costs more time and money, plus these aircraft hold their value so well, why would we want to take more time to earn less? Because, ladies and gentlemen, a true sign of character is what you do when now one is looking. At JetSwiss, we have a very high standard for what a Pilatus should look like cosmetically. It is one of our most rewarding project aspects, and it is our largest yearly cost ledger! We engage this aspect for several reasons, but simply put: it’s like renovating your home. Refurbishing the interior and exterior of your aircraft could add value if done properly, and, we think our clientele want and expect this from JetSwiss.

So let’s do it!

EXTERIOR Exterior Paint – Years of exhaust will dull the exterior paint of your aircraft. Two or three days of detailing, possible some painting/ touchup, and a good ceramic coat will have your PC-12 looking as good as new! Hillaero has been painting aircraft since 1976. Jon Kennedy, Director of Operations at the company says, “The PC-12 aircraft are really well built machines. If a PC-12 is prepped and painted properly with quality materials the average operator should get many many years of great service out of the paint.”

Wing Root Fairings, Wing Tips and Bullet Fairing – These places on the PC-12 always take a little abuse from flying. The wing root fairing where the wing connects to the fuselage of the aircraft, the tips of the wing, and the bullet fairing (front and center of the tail). All these areas can be removed and

Sidewalls – With an older aircraft of 10 years or more, we see a lot of cosmetic deterioration. After time, the sidewalls become discolored or damaged from pen marks, coffee stains and condensation.

reconditioned to look brand new without a huge expense. In some instances, you can remove them in your own local shop and then transport them to a paint facility, thereby eliminating the cost and hassle of flying the aircraft!

Light Covers – Years of use and temperature change can cloud aircraft light covers.

Removing and cleaning or buffing out the fog can make a big difference in both the look and safety of your aircraft. Worst case scenario, we replace these items with new parts.

Bright Work Items - It’s just a burden of the beast, any exterior chrome needs polishing over time. The inlet, prop spinner, and exhaust stacks can be brought back with a little elbow grease from the right team with the right products and process!

INTERIOR Carpet – As one of the biggest components of the cabin taking up the most surface area, this is one of the most impactful updates you can make to the interior of your Pilatus. We’ve seen some absolutely awful carpet—blood stains from a hunting trips, grease from the motorbike...you name it! Addressing this large item in an older aircraft, or in an aircraft that is heavily trafficked is a “cost/benefit” no-brainer for replacement.

Wood – We’ve noticed a trend in the 2013 to 2014 model years, where the wood finish is cracking and buckling. This can be addressed by removing and refinishing. This is not cheap.

It also takes approximately three weeks to refinish all the wood correctly. Best to address this issue during an annual inspection, as the net time difference may be inconsequential.

Seats – Like an old recliner, years of wear can show significantly on your Pilatus seats. Occasionally, they can be cleaned and brought back to life. We can also go through a complete re-conditioning process that eliminates all new leather but provides the same or very similar results.

However, if cushions are warped beyond repair, we will completely reupholster them for a total refresh.

Overhead Light Trim and Air Gaspers – Occasionally we will see some corrosion around the metal trim surrounding overhead lights. Especially on aircraft that have been stored and operated in humid climates.

This is just a quick overview of some of the details, at a range of budgets we tend to when looking at the cosmetics of the aircraft. If you’d like a deeper dive, check out our “TO LIFT” Learning Center at JetSwiss.com or our YouTube Channel. If you’d like more specific pricing on some of these replacements, or would like us to chaperone the process, give us a call!

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